Clause 19 - Powers to wind up occupational pension schemes
Pensions Bill
5:15 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
This is certainly not meant to be a profit-making exercise, but I am not sure that I can give the hon. Gentleman that undertaking in a strict sense, because people will no doubt be employed to do this work and salaries and/or fees will be paid. Therefore, I cannot give a blanket assurance, but the principle is right that this is part of a public service for scheme members and we do not want to turn it into a profit-making exercise, in the pejorative sense of that phrase.
I will not respond in detail today to what is troubling my hon. Friend the Member for Cardiff, West, but we have all been concerned in the past that in moments of distress, when people are facing near destitution in terms of their pension rights, some people—clearly totally wrongly—profited. We need to remedy that in different ways so that it does not happen in future.
Question put and agreed to.
Clause 19, as amended, ordered to stand part of the Bill.
Further consideration adjourned.—[Margaret Moran.]
Adjourned accordingly at sixteen minutes past Five o'clock till Thursday 11 March at half-past Nine o'clock.